Jia Tao (Hong Kong) Holdings (02189) announced that on July 21, 2023, the company entered into an interim agreement with the buyer and Wei Shicheng (the company's executive director and controlling shareholder) and the seller (Royal Limited). Based on this, the company plans to acquire such properties from the seller at a cost of HK$170 million. The terms of the provisional agreement were added by an attachment, according to which Mr. Wei agreed to provide personal guarantees for all of the company's contractual liabilities under the provisional agreement, with the company as the beneficiary.
These properties refer to stores on the ground floor of Tsuen Wai Garden Phase I Shopping Mall, No. 187-195 Tsuen King Wai, Tsuen Wan, New Territories, Hong Kong, China, and stores on the 2nd floor of Phase I Shopping Mall.